Russia-Ukraine Crisis: Indian Markets are Anticipating Heavy Fall
Investors were bracing for a torrid day for Russian, Ukrainian and wider global markets when they reopen on Tuesday.
The Russian president, in a televised address today, recognised two breakaway regions Donetsk and Luhansk in eastern Ukraine as independent entities.
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Tensions have already rattled global markets this year and wiped tens of billions of dollars off the value of Russian and Ukraine assets.
Russian markets were still open when Putin announced his decision live on television following phone calls to the leaders of Germany and France.
Analysts at Commonwealth Bank of Australia warned traders ahead of the start of Tuesday's Asian open that Putin's decision would clearly exacerbate already high tensions.
The sensex tanked over 1,000 points and the Nifty cracked below the key 17,000 level in opening deals on Tuesday, mirroring a selling saga in the global equity markets.